5 Financial and Tech Transformations Unfolding in December 2023

Several regulations in the banking, financial, technology, and other industries will change in December. These new laws and regulations will influence your day-to-day life as well as your finances, it is critical to understand these changes in depth.

Major Changes In The Financial And Tech World

SIM Card Rule Change December 2023

The new SIM card laws, which include mandatory verification of SIM card sellers and the elimination of the option for bulk connections, are scheduled to go into effect in India on December 1, 2023. The Department of Telecommunications (DoT) issued these new SIM card rules, which were originally scheduled to take effect on August 1 but were later postponed.

Changes to Locker Agreement Rules in December 2023

The deadline for renewing customer-bank locker agreements also expires in December. The Reserve Bank of India (RBI) extended the deadline for renewing locker agreements between clients and banks to December 31, 2023, at the start of the current year. The deadline was extended after it was discovered that many consumers had not signed the amended agreement by January 1, the initial deadline for renewing agreements.

Changes to the Aadhaar Card Rules in December 2023

Aadhaar card users may update their Aadhaar data for free till December 14 via the myAaadhar portal. The Unique Identification Authority of India (UIDAI) extended the deadline for free Aadhaar updates till December 14. The announcement came after the previous deadline of September 14, 2023.

Changes to UPI ID Regulations in December 2023

Inactive unified payments interface (UPI) IDs and related UPI numbers would be terminated by December 31, 2023, according to National Payments Corporation of India (NPCI) regulation. In other words, users must activate their UPI IDs or else all banks and third-party applications that provide the UPI service will deactivate or shut down such IDs after December 31, 2023.

Changes to the Jeevan Pramaan Patra Rule in December 2023

The deadline for submitting a Jeevan Pramaan Patra, or life certificate, is November 30. As a result, pensioners must resolve the issue now to continue getting benefits. Even if you submit the Jeevan Pramaan Patra after the deadline has passed, your pension will not be issued until your life certificate is received by the Central Pension Processing Centres (CPPC).

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Stuti Talwar

Expressing my thoughts through my words. While curating any post, blog, or article I'm committed to various details like spelling, grammar, and sentence formation. I always conduct deep research and am adaptable to all niches. Open-minded, ambitious, and have an understanding of various content pillars. Grasp and learn things quickly.

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